The Philippine Stock Market - October 02, 2008

Dow Jones Industrial Average(DJIA) Summary
Index Value: 10,831.07
Trade Time: Oct 1
Change: Down 19.59 (-0.18%)
Prev Close: 10,850.66
Open: 10,847.40
Day's Range: 10631.95 - 10882.52

WallStreet continues to be volatile. After being down more than 200 points earlier in the day, the DJIA recovers and was even on the upside at one point. It ends with limited losses.

The US Senate approves the bailout package (with a vote of 74 to 25) and urges the house to support the bill on Friday. Some changes include tax breaks and a temporary increase in deposit insurance from $100,000 to $250,000.

The ban on short-selling of financial stocks which is supposed to end today is extended until Oct 17.

The local equities market resumed trading from the one-ay holiday break on a positive note. The Philippine Stock Exchange Index (PSEi) advanced strongly and once again tested the resistance at 2630.

PSEi previous close - 2569.65 (Sept 30)

time-------------up---------------PSEi
9:31------------4.85-------------2574.50
9:32------------7.66
9:33-----------11.23
9:34-----------14.42
9:35-----------24.08
9:36-----------29.17
9:38-----------33.76-------------2603.41

The PSEi breaks the 2600 level and the market continues its advance.

9:39-----------35.72
9:39-----------37.96
9:41-----------40.41
9:43-----------45.57
9:44-----------49.26
9:46-----------51.73
9:47-----------56.39------------2626.04 (day's high)

The market still meets a stiff resistance at 2630 and the PSEi pulls back.

9:51-----------51.23
9:53-----------48.20
10:07----------50.25

10:15----------52.37
10:23----------47.70
10:25----------46.43
10:38----------45.72
10:44----------45.08
10:56----------44.55
11:02----------44.10
11:03----------41.90------------2611.55

11:07----------46.21
11:14----------42.65
11:18----------41.34
11:19----------39.66------------2609.31

11:35----------40.07
11:39----------38.95
11:43----------38.64
11:47----------37.49
11:51----------36.08
11:55----------35.88------------2605.53
11:58----------42.88
12:01----------43.24------------2612.89 (+1.68%)
Market Close.

Value turnover: PhP 2.983 bn
Cross transactions: PhP 1.371 bn
Block Sales: 8000 TEL @ PhP 2632.7683 = PhP 21.062 mn
---------------10319 TEL @ PhP 2745.9454 = PhP 28.335 mn

Advancers 55
Decliners 27
Unchanged 49

Sectoral Indices.
Holdings +2.58%
Financial +1.91%
Services +1.51%
Property +1.41%
Industrial +1.07%
M-O +0.03%

The Day's Top Gainers:
AGI: PhP 3.90; +13.04%
BHI: PhP 0.12; +9.09%
ABA: PhP 0.0070; +7.69%

The Day's Biggest Decliners:
LND: PhP 0.31; -11.43%
KEP: PhP 1.00; -10.71%
MAB: PhP 0.011; -8.33%

At mid-day:
Asian equities markets were mostly down.
The Philippine Peso was at PhP 46.920 vs US$ 1.00.